Iran will increase production

“Iran will not bow to pressure to avoid increasing its oil output following the lifting of sanctions despite slumping crude prices, its oil minister insisted on Thursday. “We don’t accept any discussion about the increase of Iranian production after lifting the sanctions,” Iran’s Oil Minister Bijan Zanganeh told reporters on arrival in Vienna, which is hosting Friday’s meeting of OPEC. “It’s our right” to pump out more crude, he added. With oil prices falling heavily on Wednesday, having already slumped by more than 60 percent in around 18 months, Iran is facing pressure from within the Organization of the Petroleum Exporting Countries and outside OPEC not to raise output”.